Apparatus and methods for payment transactions using near field communication

ABSTRACT

In one embodiment, the mobile device includes an NFC tag for near field communication. The NFC tag may include a first storage device and a second storage device. Personal data is stored on the first storage device, which is not accessible by a NFC reader device. Prior to a transaction, the personal data is transmitted from the first storage device to the second storage device, where the data is readable or accessible by the reader device. After transmission of the data to the reader device, the data on the second storage is erased. In this respect, the data is not available for eavesdropping by an unauthorized reader device. In one embodiment, the data remains stored in the first storage device and available for future use. In another embodiment, the data comprises financial product data.

BACKGROUND OF THE INVENTION

1. Field of the Invention

Embodiments of the present invention relate to making payments using anear field communication device. In one aspect, embodiments of thepresent invention relate to preventing eavesdropping of near fieldcommunication.

2. Description of the Related Art

Mobile communication systems continue to grow in popularity and havebecome an integral part of both personal and business communications.Various mobile devices now incorporate Personal Digital Assistant (PDA)features such as calendars, address books, task lists, calculators, memoand writing programs, media players, games, etc. These multi-functiondevices usually allow users to send and receive electronic mail (email)messages wirelessly and access the internet via a cellular networkand/or a wireless local area network (WLAN), for example.

Some mobile devices incorporate contactless card technology and/or NearField Communication (“NFC”) chips. Near Field Communications technologyis commonly used for contactless short-range communications based onradio frequency identification (RFID) standards, using magnetic fieldinduction to enable communication between electronic devices, includingmobile wireless communications devices. These short-range communicationsinclude payment and ticketing, electronic keys, identification, deviceset-up service and similar information sharing. This short-range highfrequency wireless communications technology exchanges data betweendevices over a short distance, such as only a few centimeters.

Personal data is stored on the NFC chip embedded in the mobile device.The stored data may be read by a reader when the mobile device is placedin close proximity to the reader. Electromagnetic energy emitted fromthe reader may power on and automatically transmit the stored data tothe reader.

A potential problem exists with near field communications due toeavesdropping. Because the stored data is automatically transmitted, anattacker may obtain the stored data from the NFC chip using anunauthorized reader. There is, therefore, a need for apparatus andmethods of preventing eavesdropping of data from the NFC chip.

Theft of credit/debit/prepaid card numbers from merchant repository is aproblem in the industry. It would be desirable to allow customers to payfor goods and services to merchants without exposing their card numberto the merchant. There is a need therefore, for apparatus and methods ofmaking financial transactions without exposing the real card number.

SUMMARY OF THE INVENTION

In one embodiment, a method of transmitting data from a mobile deviceequipped with a NFC tag to a reader device includes storing data in afirst storage device; transmitting data from first storage device to asecond storage device; activating the NFC tag in response to anelectromagnetic signal from the reader device; transmitting the datafrom the second storage device to the reader device; and removing thedata from second storage device.

In another embodiment, a near field communication tag for use with areader device includes a first storage device for storing data; a secondstorage device; and a controller coupled to the first storage device andthe second storage device, the controller configured to transmit datafrom the first storage device to the second storage device; and transmitdata from the second storage device to the reader device. In oneembodiment, the tag also includes a transmitter for receiving anelectromagnetic energy from the reader device. In another embodiment,the second storage device is activatable by the electromagnetic energy.

In another embodiment, a method of transmitting data from a paymentdevice equipped with a NFC tag to a reader device includes storing afinancial product in a first storage device; transmitting the financialproduct from first storage device to a second storage device; activatingthe NFC tag in response to an electromagnetic signal from the readerdevice; transmitting the financial product from the second storagedevice to the reader device; and removing the financial product fromsecond storage device. In another embodiment, the financial product isfunded by one or more core accounts.

In another embodiment, a method of transmitting a financial product datafrom a NFC enabled device to a reader device includes receiving thefinancial product data; storing the financial product data in a storagedevice; and transmitting the financial product data from the storagedevice to the reader device. In yet another embodiment, the financialproduct data is a single use financial product data. In yet anotherembodiment, after transmitting the financial product data, receiving asecond financial data, and storing the second financial data in thestorage device. In yet another embodiment, the financial product data isreceived each time the NFC enabled device is activated. In yet anotherembodiment, the method includes storing a plurality of financial productdata on the storage device.

BRIEF DESCRIPTION OF THE DRAWINGS

So that the manner in which the above recited features of the inventioncan be understood in detail, a more particular description of theinvention, briefly summarized above, may be had by reference toembodiments, some of which are illustrated in the appended drawings. Itis to be noted, however, that the appended drawings illustrate onlytypical embodiments of this invention and are therefore not to beconsidered limiting of its scope, for the invention may admit to otherequally effective embodiments.

FIG. 1 is a block diagram illustrating components of a system configuredto implement one or more aspects of the invention.

FIG. 2 is a conceptual illustration of a system including a paymentprocessing platform, according to one embodiment of the invention.

FIG. 3 is a flow diagram of method steps for generating a child product,according to one embodiment of the invention.

FIG. 4 is a screen shot illustrating selection of various parameters fora child product, according to one embodiment of the invention.

FIG. 5 is a screen shot illustrating a generated child product,according to one embodiment of the invention.

FIG. 6 is a block diagram illustrating components of a system configuredto process a child transaction and a core account transaction, accordingto embodiments of the invention.

FIG. 7 illustrates a device equipped with a NFC system according to oneembodiment of the invention.

FIG. 8 illustrates NFC system of the device of FIG. 8 in communicationwith a reader device.

FIG. 9 is a flow diagram of method steps of a NFC communication betweena device and a reader device according to one embodiment of theinvention.

FIG. 10 is a flow diagram of method steps of a payment transaction usinga device with NFC capability according to one embodiment of theinvention.

FIG. 11 is a flow diagram of method steps of a payment transaction usinga device with NFC capability and a child product data according to oneembodiment of the invention.

FIG. 12 is a flow diagram of method steps of a payment transaction usinga device with NFC capability and a child product data according to oneembodiment of the invention.

DETAILED DESCRIPTION

Embodiments of the present invention generally relates to apparatus andmethods for near field communication of a device. In one embodiment, thedevice includes an NFC tag for near field communication. The NFC tag mayinclude a first storage device and a second storage device. Personaldata is stored on the first storage device, which is not accessible by aNFC reader device. Prior to a transaction, the personal data istransmitted from the first storage device to the second storage device,where the data is readable or accessible by the reader device. Aftertransmission of the data to the reader device, the data on the secondstorage is removed. In this respect, the data is not available foreavesdropping by an unauthorized reader device. In addition, the dataremains stored in the first storage device and available for future use.In one or more embodiments described herein, the device is a mobiledevice.

In another embodiment, the payment device includes an NFC tag for nearfield communication. The NFC tag may include a first storage device anda second storage device. A child product data is stored on the firststorage device, which is not accessible by a NFC reader device. Prior toa transaction, the child product data is transmitted from the firststorage device to the second storage device, where the child productdata is readable or accessible by the reader device. After transmissionof the data to the reader device, the child product data on the secondstorage is removed. In this respect, the child product data is notavailable for eavesdropping by an unauthorized reader device. Inaddition, the child product data remains stored in the first storagedevice and available for future use.

In another embodiment, a method of transmitting a financial product datafrom a NFC enabled device to a reader device includes receiving thefinancial product data; storing the financial product data in a storagedevice; and transmitting the financial product data from the storagedevice to the reader device. In yet another embodiment, the financialproduct data is a single use financial product data. In yet anotherembodiment, after transmitting the financial product data, receiving asecond financial data, and storing the second financial data in thestorage device. In yet another embodiment, the financial product data isreceived each time the NFC enabled device is activated. In yet anotherembodiment, the method includes storing a plurality of financial productdata on the storage device.

FIG. 1 is a block diagram illustrating components of a system 100configured to implement one or more aspects of the invention. As shown,the system 100 includes a user device 102, a network 104, one or morefinancial institutions 106, a user authentication server 108, and apayment processing platform 110.

The user device 102 may be any type of individual computing device suchas, for example, a desktop computer, a laptop computer, a hand-heldmobile device, a personal digital assistant, or other portable devicesequipped with electronics, such as a credit card embedded withelectronics. Alternatively, the user device 102 may be any other device,such as a standard telephone, or an ATM terminal for a financialinstitution, or a terminal used by a customer representative at afinancial institution, or the like. In one embodiment, the user device102 is configured to be in communication with the other components inthe system 100 via the network 104. The network 104 may be any type ofdata network, such as a local area network (LAN), a wide area network(WAN), cellular communications network, the Internet, a voice networksuch as a standard telephone network, or combinations thereof.

As is described in greater detail below, in some embodiments of theinvention, a user may generate a “child product” that is linked to oneor more “core accounts” held with one or more financial institutions106. As used herein, the term “financial institution” also applies to anissuer processor who processes transactions on behalf of a financialinstitution. In various embodiments, the one or more core accounts maybe standard accounts held with the financial institutions 106, includinga checking account, a savings account, a home equity line of credit, amoney market account, a credit card account, a debit card account, aprepaid card account, a gift card account, a healthcare savings account,an educational savings account, an employee benefits account, apromotion fund account, a rewards account (e.g., mileage or rewardspoints) or the like. In other embodiments, the core account may beassociated with any type of billed account, including a utility billaccount, cable account, satellite television account, phone serviceaccount, cell phone account, or the like. In one embodiment, the childproduct may be the same account as the core account. The child productmay be used to make payment transactions and the payment transactionsmay be processed as if the payment transactions were made using the oneor more core accounts. For example, a child product that is linked toboth a checking core account and a credit card core account is processedby the financial institution legacy systems of each respective coreaccount. Additionally, the child product may be used to deliverpromotional coupons and/or to pay a salary of employees. In other useexamples, the child product may be used to make an accounts payabletransaction. In further embodiments, control parameters may be added tothe child product, restricting the usage of the child product, asdescribed in greater detail below. A child product may also be referredto herein as a financial product.

In one embodiment, when a user wishes to generate the child product, theuser may direct the user device 102 to navigate to a webpage of the oneor more financial institutions 106. In another embodiment, the user mayuse an ATM terminal at a financial institution to generate the childproduct. In yet another embodiment, the user may request the generationof a child product through a customer service representative at a branchlocation of a financial institution. In yet another embodiment, the usermay request the generation of a child product through a customer servicerepresentative at a customer support call center of the financialinstitution. In still further embodiments, the user may request thegeneration of the child product directly from the payment processingplatform 110. In still further embodiments, the user may requestgeneration of the child product via short message service (SMS) message,email message, or by phone via IVR (interactive voice recognition). Instill further embodiments, the user device 102 may request thegeneration of the child product directly from the payment processingplatform 110 or the financial institution through an application programinterface “API”.

The user may need to authenticate with the one or more financialinstitutions 106 before the child product is generated. In oneembodiment, authentication includes the user being prompted to enter ausername and/or password. In alternate embodiments, the user may beprompted to swipe an ATM card and enter a PIN number to authenticate. Inyet additional embodiments, the user may be asked to show a driver'slicense or a government-issued photo identification to authenticate withthe one or more financial institutions 106. In still furtherembodiments, the user may place a telephone call to the customer servicephone number of the one or more financial institutions. Authenticationmay involve the user being asked questions to verify the identity of theuser. In alternative embodiments, a third-party other than the financialinstitutions, may offer the ability to generate child products. In yetanother embodiment, the user device 102 may authenticate with thepayment processing platform 110 or the financial institution through anAPI, for example, by sending username/password or a certificate.

In still further embodiments, one or more control parameters are appliedto the core account held with the one or more financial institutions106. In these embodiments, a child product may or may not be generated.

FIG. 2 is a conceptual illustration of a system 200 including a paymentprocessing platform 110, according to one embodiment of the invention.As shown, the payment processing platform 110 serves as a processorbetween various child products, such as an accounts payable childproduct 222 and a flex payment child product 223, and financialinstitution legacy systems 224. However, in other embodiments, thepayment processing platform 110 may reside between any number offinancial systems.

The accounts payable child product 222 may be generated by a payorbusiness and transmitted to a payee business as a form of payment. Forexample, a payor business may receive a bill for $10,000.00 for goods orservices rendered by a payee business. The payor business may then causean accounts payable child product 222 to be generated by the paymentprocessing platform 110 with control parameters limiting the accountspayable child product 222 to a single transaction with a maximumtransaction amount of $10,000.00. The accounts payable child product 222is then delivered to the payee business, whereupon the payee businessredeems the accounts payable child product 222. Redemption of theaccounts payable child product 222 may occur through an ATM terminal, acommercial bank branch location, a check-cashing location, transfer offunds from an account held by the payor to an account held by the payee,or any other mechanism. Upon redemption, $10,000.00 is transferred froma financial institution of the payor business to a financial institutionof the payee business. In some embodiments, additional controlparameters can be added to the accounts payable child product 222, suchas an expiration date or a particular geographical region that limitsthe boundaries of redemption. These additional control parameters allowfor enhanced security and efficiency of the transaction between thepayor business and the payee business.

The flex payment child product 223 may be generated by a user and usedfor a payment transaction at a merchant. In another embodiment, the flexpayment child product 223 may be generated (i.e., issued directly) by afinancial institution 106. For example, the flex payment child product223 may be associated with a credit card product issued directly by thefinancial institution 106. In one embodiment, a payment transactioninitiated with the flex payment child product 223 is processed as acredit card transaction, where the funds may be withdrawn from anotheraccount. For example, after the purchase transaction is processed as acredit card transaction, the user may subsequently choose, on a pertransaction basis, to charge the purchased amount to a credit cardaccount or to debit the purchase amount from another core account suchas a checking account. In this respect, the flex payment child product223 offers both a credit card functionality and a debit cardfunctionality. In one embodiment, the child product may be the sameaccount as the core account. For example the flex payment child product223 may have the same credit card number as the credit card numberassigned by the financial institution that is providing the financialbacking for the child product.

FIG. 3 is a flow diagram of method steps for generating a child product,according to one embodiment of the invention. Persons skilled in the artwill understand that, even though the method 350 is described inconjunction with the systems of FIGS. 1 and 2, any system configured toperform the steps of the method 350 illustrated in FIG. 3, in any order,is within the scope of the invention. Persons skilled in art willfurther understand that one more of the steps of method 350 is optional.

As shown, the method 350 begins at step 300, where a user and/or userdevice 102 is authenticated. In one embodiment, the user may beauthenticated by entering a username and password into a log-on screenof a financial institution website. In yet another embodiment, the userdevice 102 may authenticate with the payment processing platform 110 orthe financial institution through an API such as by sending ausername/password or a certificate. In alternative embodiments, athird-party other than a financial institution may offer the ability togenerate child products. In these embodiments, the user may beauthenticated by entering a username and password into a log-on screenof the third-party website.

In alternate embodiments, the user may be prompted to swipe an ATM cardand enter a PIN number to authenticate. In yet additional embodiments,the user may be asked to show a driver's license or a government-issuedphoto identification to authenticate with the one or more financialinstitutions 106. In still further embodiments, the user may place atelephone call to the financial institution customer service phonenumber to generate a child product. Authentication may involve the userbeing asked questions to verify the identity of the user. For example,the user may be asked to verify a social security number and/or mother'smaiden name. In yet other embodiments, the user may be authenticatedusing biometric characteristics. In still further embodiments, a usermay be authenticated by a phone number used in sending an SMS orperforming a voice call via a service provider, with or without a PINnumber being provided.

Once the user is properly authenticated, the method 350 proceeds to step302, where a trust is established between the one or more financialinstitutions 106 and the payment processing platform 110. In anotherembodiment, at step 302, a trust is established between a third party,other than a financial institution, that may be responsible forauthentication and the payment processing platform 110.

At step 304, the parameters for use of the child product are optionallyselected. In one embodiment, control parameters include a series ofrestrictions on transactions made with the child product. For example,the control parameters may include, but are not limited to, a cardspending limit, a per-transaction spending limit, a daily spendinglimit, a weekly spending limit, a limit on number of transactions in agiven period of time, a name on card, an activation date, an expirationdate, a country of use, a merchant of use, a merchant category, a timeof day, a day of week, a date of month, a merchant channel (online,point-of-sale), a reset frequency for reset-able cards, a geographicalregion for valid redemption, and the like. Also, other types ofparameters including rules parameter, split tender parameter, andspillover parameters, may be selected at step 304. The rules parameter,split tender parameter, and spillover parameters will be discussed inmore detail below. In another embodiment, one or more parameters may beset as a default parameter by an issuer.

When a child product is attempted to be used in a transaction, thetransaction details may be checked against the control parameters storedfor the child product. In one embodiment, if at least one of the controlparameters is not satisfied, then the transaction is rejected. If eachof the control parameters satisfy those stored for the child product,the transaction proceeds to processing, as described in greater detailbelow in FIGS. 6 and 7. In alternative embodiments, if a minimum numberof control parameters are satisfied, then the transaction is approved.For example, a child product may include five control parameters and atransaction is approved if four out of five control parameters aresatisfied. In still further embodiments, control parameters may beassigned “weights” such that a transaction is approved if the sum of theweights assigned to the satisfied control parameters exceeds a minimumvalue. For example, a per-transaction limit control parameter may beassigned a weight of five, a merchant category control parameter may beassigned a weight of four, a merchant name parameter may be assigned aweight of three, and all other control parameters may be assigned aweight of two. In this example, a transaction may be approved if the sumof the satisfied control parameters exceeds ten. As will be understoodby those having ordinary skill in the art, other techniques forcomparing the transaction details against the control parameters storedfor the child product may be available.

Referring back to FIG. 3, at step 306, one or more core accounts areselected from which to generate a child product. In one embodiment, theone or more core accounts may be any type of financial account held withone or more financial institutions. For example, the core accounts mayinclude a checking, savings, home equity, credit card account, or thelike. When a child product is generated from one or more core accounts,any transactions made using the child product are processed as thoughthe transaction was made using the one or more core accounts, as isdescribed in greater detail below.

FIG. 4 is a screen shot 400 illustrating selection of various parametersfor a child product, according to one embodiment of the invention. Asshown, an interface allows a user to select one or more core accounts402, a spillover feature 404, and control parameters 406 for the childproduct. In one embodiment, the selection of the one or more coreaccounts 402 may be included in a single screen along with the selectionof spillover activation 404 and the selection of the control parameters406. As shown, the selection of core accounts 402 allows for the childproduct to be linked to multiple core accounts, where each selected coreaccount contributes a particular percentage of the total funds requiredto complete each transaction initiated using the child product. In otherembodiments, each of the plurality of core accounts may be associatedwith a maximum amount to be withdrawn or debited in one childtransaction. In addition, the parameters may include rules (not shown)which cause particular types of transactions to withdraw all funds forthat transaction from a particular type of account. For example, theuser may configure a child product to, when purchasing airline tickets,withdrawal the funds only from a credit-card account. In anotherexample, a rule may be established to withdraw funds from a checkingaccount when a purchase is less than $50.

In some embodiments, the selection of spillover activation 404 allowsfor the child product to be protected from overdrawing from one or moreof the core accounts associated with the child product. In someembodiments, the selection of the control parameters 406 includesselection of card limit, expiration date, activation date, country ofuse, and/or merchant of use. As one having ordinary skill in the artwill appreciate, additional control parameters may be selected for thechild product, including merchant category (e.g., “restaurants”). Forconvenience, each child card may be given a name to remind a user of thepurpose of a child card. Additional details regarding linking the childproduct to multiple core accounts and activating the spillover featureare described in greater detail below. Additionally, the child productmay be configured to allow for split tender transactions. As shown inFIG. 4, the child product is associated with three coreaccounts—Account-1, Account-2, and Account-3. When the child product isused in a payment transaction, 25% of the cost will be deducted fromAccount-1, 25% of the cost will be deducted from Account-2, and 50% ofthe cost will be deducted from Account-3. These percentages can beconfigurable at the time the child product is generated or modified at alater time. Additionally, in other embodiments, each of the plurality ofcore accounts is associated with a maximum amount of funds to bewithdrawn for a single core account transaction. Again, the maximumvalues for each core account are configurable at the time the childproduct is generated or modified at a later time. It is contemplatedthat any child product may be configured with at least one of a controlparameter, rules parameter, spillover parameter, split tender parameter,and combinations thereof. For example, the child product may beconfigured with a parameter only for handling spillovers. In anotherexample, the child product may be configured with parameters for thecontrol parameters and the rules parameters. Configuration of theseparameters can be done using any technically feasible mechanism,including via a webpage, email or SMS message, IVR, or any othertechnique. In one embodiment, a set of parameters may be pre-selectedand saved for use as a parameter template for generating a childproduct. In another embodiment, multiple parameter templates may becreated and offered as options for creating a child product. In yetanother embodiment, the child product may be pre-configured with adefault set of parameters.

Referring back to FIG. 3, at step 308, a child product is generated. Inone embodiment, the child product is generated having a 16-digit cardnumber, a card identification value, an expiration date, and a name oncard. As is known, a card number includes a Bank Identification Numberor BIN number. The BIN number is generally a one- to six-digit numberthat identifies the financial institution that issued the credit/debitcard. In one embodiment of the invention, the child product generated atstep 308 includes a BIN number that identifies that the child product asbeing issued by the payment processing platform 110. In alternativeembodiments, the generated child card may include a BIN number within arange that identifies that the child product is associated with aparticular financial institution, but is nevertheless a child product.In still further embodiments, depending on the categories of theselected core accounts, the financial institution may request that thepayment processing platform issue a child product of a particular type.For example, if the user selects a credit card account as the coreaccount, then the generated child product may include a BIN number thatidentifies that child card as being a credit card that is processedthrough a particular card network. In yet another embodiment, the childproduct may be the same account as one of the core accounts. Forexample, the child product may have the same 16-digit card number value,card identification value, and expiration date value as one of the coreaccounts.

FIG. 5 is a screen shot 500 illustrating a generated child product 502,according to one embodiment of the invention. As shown, the childproduct 502 includes a card number 504, expiration date 506, name 508,and card identification value 510. As described above, a physical cardmay be requested and mailed to the address input when generating thechild product 502. Alternatively, the child product 502 may be deliveredelectronically as a virtual card, or the child product 502 may bedelivered both physically and electronically. In one another embodiment,the child product may be delivered to the user device 102 fortransmission to the NFC reader.

Referring back to FIG. 3, at step 310 the child product is delivered. Inone embodiment, the child product may be a physical card that is mailedto the customer or to the recipient. In alternative embodiments, thechild product may be a virtual card that is available to thecustomer/recipient through a web browser. Alternatively, the childproduct may be a virtual card that is e-mailed to thecustomer/recipient, sent using a SMS, sent using any electronics medium,or delivered over the phone. A virtual card is a payment method forwhich a non physical manifestation of child card is generated. In someembodiments, a physical manifestation is also generated in addition tothe non-physical virtual card. A user may create a virtual card as avirtual credit or debit card, having a seemingly “normal” credit/debitcard number, which can be used by the customer for card-not-presenttransactions such as online transaction, or mail-order telephone orders(MOTO) transactions. In alternative embodiments, a virtual card may begenerated and the card number may be associated with the contactlesspayment options enabled by a mobile device such as a radio-frequencyidentification (RFID) tag of a mobile device to allow a customer to makecontactless payments at a point-of-sale location. In furtherembodiments, a virtual card may be generated and the customer may printout an image of the virtual card child product, optionally includingother identifying information such as a bar code, and take the print-outto a merchant location as a form of payment. In one embodiment, the cardidentification value is a Card Verification Value, like CVV, CVV2, PINnumber, or any other card identification value.

FIG. 6 is a block diagram illustrating components of a system 600configured to process a child transaction and one or more core accounttransactions, according to embodiments of the invention. As shown, thesystem 600 includes the physical merchant 602, mail-order telephoneorders (MOTO) merchant 603, online merchant 604, other merchant 605, anetwork 606, a payment processing platform 608, a first database 610,one or more financial institutions 612, and a second database 614.

In one embodiment, a transaction initiated with a child product is knownas a “child transaction.” In some embodiments, the child productcomprises a financial product that is linked to one or more coreaccounts. As described above, a child product may be delivered in theform of a physical card mailed to a customer or to a recipient.Alternatively, the child product may be delivered electronically as avirtual card. Alternatively, the child product may be delivered bothphysically as a physical card and electronically as a virtual card.Alternatively, the child product may be delivered to a NFC enabled userdevice 102. Both the physical card child product and the virtual childcard product may be used at any physical merchant 602, MOTO merchant603, online merchant 604, or other merchant 605 that accepts regularcredit cards, debit cards, prepaid cards, and the like. In oneembodiment, the physical merchant 602 may be equipped with a RFIDterminal to accept a virtual card.

A child transaction may be initiated at the physical merchant 602. Forexample, a cashier at the physical merchant 602 may swipe the physicalchild product through a card reader. Alternatively, a child product maybe delivered on a user's mobile device and a user at the physicalmerchant 602 may wave his/her mobile device in front of a contact-lesscard reader. In still further embodiments, the customer may show his/hermobile device to a cashier at the merchant location who manually entersthe card number of the child product. Alternatively, the mobile devicemay include a contactless chip or tag that is wireless readable.

In one embodiment, the network 606 is a card network. In alternativeembodiments, the network 606 is an electronic funds transfer (EFT)network. In yet another embodiment, the network 606 is a privatenetwork. For example, the child product may be a credit card childproduct, in which case child transaction information is sent to theappropriate credit card network. Similarly, the child product may be asignature debit card child product, in which case the child transactioninformation is sent to the appropriate debit card network. In otherembodiments, the child product may be a PIN debit card, in which casethe child transaction information is sent to the appropriate EFTnetwork. Additionally, the child product may be a private-label card, inwhich case the child transaction information is sent to the appropriateprivate network.

In one embodiment, when a child transaction is received by the network606 and identified as having a BIN number in the range associated withthe payment processing platform 608, then the child transaction isrouted to the payment processing platform 608. In another embodiment,when a child transaction is received by the network 606 and identifiedas having a BIN number in the range associated with a financialinstitution, then the child transaction is routed to the paymentprocessing platform 608.

In another embodiment, when a child transaction is received by thenetwork 606 and identified as having a BIN number in the rangeassociated with the payment processing platform 608, then the childtransaction is routed to the financial institution 612. In yet anotherembodiment, when a child transaction is received by the network 606 andidentified as having a BIN number in the range associated with afinancial institution, then the child transaction is routed to thefinancial institution 612. Financial institution 612 then transmits thechild transaction to the payment processing platform 608 for processingwhich in one embodiment works the same as described above. In oneembodiment where the child transaction is transmitted from the financialinstitution 612 to the payment processing platform 608, the core accounttransaction generated by the payment processing platform 608 istransmitted to the financial institution 612, bypassing the network 606.

When a child transaction is received by the payment processing platform608, the payment processing platform 608 may then compare the childtransaction details with parameters stored for that particular childproduct in the first database 610. As described above, the comparisonmay require that each control parameter stored for the child product issatisfied, that a minimum number of control parameters are satisfied, orthat a sum of the weights assigned to control parameters that aresatisfied exceeds a minimum threshold. In one embodiment, if at leastone of the control parameters is not satisfied, then the paymentprocessing platform may return a decline response to the network 606 andthe child transaction is denied. If each of the control parameters issatisfied, then the card number of the child product is linked to theone or more of the core accounts to which the child product is linked.Additionally, if the child product comprises a core account with controlparameters, then the core account number is already known and mappingmay be skipped. Further, in some embodiments, the child product is thesame core account that provides financial backing for the child product,in which case the mapping step may be skipped.

In one embodiment, the second database 614 contains the mapping fromchild product card number to one or more core account numbers associatedwith the child product, and may be located on the systems of thefinancial institutions 612. In alternative embodiments, the seconddatabase 614 may reside on systems operated by the payment processingplatform 608. In yet another embodiment, database 610 and 614 may becombined. In yet another embodiment, the mapping from child product cardnumber to one or more core account numbers associated with the childproduct may reside on both the first database 610 and the second database 614. Once the one or more core account numbers are determined, oneor more core account transactions are generated and transmitted to thenetwork 606 for normal routing and processing as a core accounttransactions. Each core account transaction is sent to the respectivefinancial institution that issued the core account. The processingsystem at the financial institution that issued a particular coreaccount processes the core account transaction in normal fashion andapproves or denies the transaction based on a normal set of processingrules. For example, in a particular embodiment, a child account islinked to three core accounts, where the first core account is achecking account, the second core account is a savings account, and thethird and core account is a credit card account. Each of the three coreaccounts is configured to contribute one-third of the overall cost ofany transaction that is generated using the child product. When a childproduct transaction is generated, three individual core accounttransactions are generated by the payment processing platform 608 forthe checking, savings, and credit card accounts, respectively. Each ofthe individual core account transactions withdrawals one-third of thetotal child transaction cost from its respective core account. Thus, inthis example, subsequent to a completed child transaction, an evendistribution of funds is maintained across the linked core accounts.

A similar child transaction may be initiated from an online merchant604, from a MOTO merchant 603, or from any other merchant 605. In oneembodiment, the user may input the child product card number into apayment webpage and an online child transaction is initiated. In anotherembodiment, the user may submit the child product card number to acustomer service representative at a MOTO merchant 603. In yet anotherembodiment, the user may submit the child product card number in a mailorder form to a MOTO merchant 603. A child transaction initiated at aMOTO merchant 603, at an online merchant 604, or at any other merchant605 may be processed in similar fashion to a child transaction initiatedat the physical merchant location 602.

FIG. 7 shows an embodiment of a mobile device 1101 configured with a NFCtag 1100 according to one embodiment of the invention. The mobile device1101 may be configured to communicate with a reader device 1102 usingNFC technology. The NFC tag 1100 includes a transmitter 1110 such as anantenna circuit, a first storage device 1130, a second storage device1120, and a controller 1150. Examples of the transmitter 1110 include astandard RFID antenna and a transceiver circuit for both receiving andsending wireless data. Also, the NFC tag 1100 may be a passive device oran active NFC device having its own power source. Although embodimentsherein are described with respect to a mobile device, it is contemplatedother suitable devices having a NFC enabled configuration are alsocontemplated. Exemplary devices include a portable devices such as alaptops or a tablets, a desktop, a NFC enabled credit card, amicroprocessor with software, or a dedicated hardware.

The first storage device 1130 is configured to store user personal data,such as financial information related to one or more accounts held witha financial institution including a checking account, a savings account,a home equity line of credit, a money market account, a credit cardaccount, a debit card account, a prepaid card account, a gift cardaccount, a healthcare savings account, an educational savings account,an employee benefits account, a promotion fund account, a rewardsaccount (e.g., mileage or rewards points), a child product, andcombinations thereof. It should be appreciated that such personal datamay be transferred to the first storage device 1130 using either a wiredinterface (not shown), via antenna circuit, or manual input, through alogic that receives that information through another channel, e.g., aSmart Phone application that uses the cell phone network or the internetto receive the information through a server or a hardware device thatperforming a similar function such as from the payment processingplatform or from the financial institution. The first storage device1130 is configured to prevent access by the NFC reader device 1102. Inanother embodiment, the first storage device 1130 may be an externalstorage device connected to the NFC tag 1100. Exemplary embodiments ofthe first storage device include non-volatile memory, volatile memory,and disks. Examples of non-volatile memory include flash memory,non-volatile random access memory (NVRAM), Electronically ErasableProgrammable Read-Only Memory (EEPROM), and combinations thereof. In yetanother embodiment, a logic could directly write to the second storagedevice.

The second storage device 1120 may be configured for access by thereader device 1102. In one embodiment, the second storage device 1120 isa passive memory that is activatable by the reader device 1102. Thesecond storage device 1120 may be a volatile memory that is configuredto erase data stored therein upon powering off after a predeterminedamount of time. The second storage device 1120 may receive data from thefirst storage device 1130 and thereafter transfer the data to the readerdevice 1102 via NFC. In another embodiment, the second storage device1120 may be a non-volatile memory or a disk. The logic may be a smartphone application that uses the cell phone network or the internet toreceive the information through a server such as the payment processingplatform and writes to the second storage device or a hardware devicethat performing a similar function.

The controller 1150 may include a near field communication controllersuch as a processor, a special purpose state device, or any otherappropriate controller. The near field communication controller may beconfigured to control the transmission of data between the reader device1101, the second storage device 1120, and the first storage device 1130.In another embodiment, the controller 1150 of the NFC tag 1100 may be anexternal controller such as a controller for the mobile device. In yetanother embodiment the controller 1150 may include the logic andconnectivity to other channels such as the Internet. In one embodiment,the decision to initiate transfer of data from the first storage device1130 to the second storage device 1120 may be controlled using asmartphone application 1140. Optionally, an authentication process suchas entering a PIN in the smart phone application may be required priorto transferring the data. The user may download and install thesmartphone application 1140 from an application store. In addition to asmart phone application, other types of logic, including software andhardware, may be used to control the process. In yet another example,the controller 1150 may be a reduced instruction set computer (RISC),such as an 8-, 16- or 32-bit RISC CPU or a dedicated fixed functionhardware.

The reader device 1102 may be a NFC reader device which emitselectromagnetic energy capable of powering up or activating the NFC tag1100. The electromagnetic energy may be employed to wake up the NFCdevices which do not have built-in power supplies, for example, thesecond storage device 1120. In the embodiment of FIG. 7, the NFC tag1100 is outside the range of the electromagnetic energy, and thus is notbeing activated by the reader device 1102.

FIG. 8 shows the device 1101 after the NFC tag 1100 has come withinrange of the electromagnetic energy of the reader device 1102. Once theNFC tag 1100 has been powered up by the electromagnetic energy, it mayautomatically transmit data stored in the second storage device 1120 inthe form of a NFC signal 1115. However, as will be described below, thesecond storage device 1120 will not contain the data until it hasreceived the data from the first storage device 1130 just before the NFCcommunication. In one embodiment, the electromagnetic energy from thereader device 1102 may be used as a trigger for the controller 1150 toinitiate transfer of data to the second storage device 1120 and/or tobegin an authentication process such as entering a PIN to initiate apayment transaction. In another embodiment, an authentication orvalidation process may precede the transmission of the personal datafrom the first storage device 1130 to the second storage device 1120.

In one embodiment, the NFC signal 1115 has a frequency of 13.56 Mhz andtransmits data at 106, 212, or 424 kbps. In addition, NFC signal 1115will have a limited effective distance in the range of betweenapproximately 2 cm and 1101 cm. In certain embodiments, NFC signal 1115may conform to the ISO/IEC 18092 standard.

FIG. 9 is a method 200 for implementing one embodiment of the presentinvention. The method 200 relates to a data communication to becompleted using the NFC capability of a mobile device 1101. Personsskilled in the art will understand that, even though the method 200 isdescribed in conjunction with the systems of FIGS. 7 and 8, any systemconfigured to perform the steps of the method 1200 illustrated in FIG.9, in any order, is within the scope of the present invention. In oneembodiment, one or more steps of the method 1200 may be optional.

As shown, the process 1200 begins when an NFC tag 1100 receives userpersonal data such as a child product containing credit cardinformation. At step 1210, the user personal data is stored in a firststorage device 1130 such as a non-volatile memory not activatable by thereader device 1102. In one embodiment, storing the personal data mayrequire a user password and/or key, as is generally known in the art. Inanother embodiment, the personal data may come pre-configured from theissuer or issuer processor and stored in the first storage device. Inanother embodiment, the NFC tag 110 may receive and store a plurality ofpersonal data. The plurality of personal data may be used sequentiallyor randomly selected by the user. If the personal data are limited to asingle use, the plurality of personal data allows the user to makemultiple transactions without making a request for more personal data tobe delivered to the NFC tag 100. After the transactions, the NFC tag 100may make a request to obtain more personal data to restore the number ofpersonal data saved in the first storage device.

At step 1220, the personal data may be transferred from the firststorage device 1130 to the second storage device 1120, which may bevolatile memory, just before the NFC communication. The user may accessthe smartphone application 1140 or other types of logic to authorizetransfer of the personal data. In one embodiment, the transfer mayrequire authentication such as entering a PIN number. The personal datais temporarily stored in the second storage device 1120 for apredetermined period of time.

At step 1230, the NFC tag 1100 may be powered on in response toreceiving the electromagnetic energy emitted by the NFC reader device1102. In another embodiment, powering on of the NFC tag 1100 may triggerthe smartphone application 1140 to request the user to authorizetransfer of personal data from the first storage device 1130 to thesecond storage device 1130. In this respect, step 220 and step 230 maybe performed in reverse order.

After activation, at step 1240, the NFC tag 1100 automatically accessesthe second storage device 1120 and transmits the stored personal data tothe reader device 1102.

At step 1250, after transmission of the personal data, the NFC tagpowers off after a predetermined period of time. In one embodiment, thesecond storage device is volatile memory, thus the personal data isremoved after the NFC tag powers down after each transaction or use. Inthis respect, the personal data is not available for eavesdropping byunauthorized reader devices. In another embodiment, if the secondstorage device 1120 is a non-volatile memory, the controller 1150 mayerase the personal data from the second storage device 1120 aftercommunicating the data to the reader device 1102.

FIG. 10 is another method 1300 for implementing one embodiment of thepresent invention. The method 1300 relates to a retail transaction to becompleted using the NFC capability of a mobile device 1101. Personsskilled in the art will understand that, even though the method 1300 isdescribed in conjunction with the systems of FIGS. 7 and 8, any systemconfigured to perform the steps of the method 1300 illustrated in FIG.10, in any order, is within the scope of the present invention. In oneembodiment, one or more steps of the method 1300 may be optional.

As shown, the process 1300 begins when an NFC tag 1100 receives userpersonal data. In one embodiment, the personal data is a child productor multiple child products containing credit card information. At step1310, the credit card information is stored in a first storage device1130 not activatable by the reader device 1102. In one embodiment, thefirst storage device 1130 may be a non-volatile memory. In anotherembodiment, storing the credit card information may require a userpassword and/or key, as is generally known in the art.

At step 1320, during a retail payment transaction, the user may turn ona smartphone application 1140 in the mobile device 1101 to initiatetransmission of the credit card information from the first storagedevice 1130 to the second storage device 1120.

At step 1330, the credit card information is transmitted from the firststorage device 1130 to the second storage device 1120 just prior to NFCcommunication with the NFC reader device 1102. The credit cardinformation is stored in the second storage device 1120 for an amount oftime sufficient to complete the transaction.

At step 1340, the mobile device 1101 is positioned in close proximity tothe NFC reader device 1102 to allow NFC communication between the readerdevice 1102 and the mobile device 1101.

At step 1350, the NFC tag 1100 may be powered on in response toreceiving the electromagnetic energy emitted by the reader device 1102.In another embodiment, powering on of the NFC tag 1100 may trigger thesmartphone application 1140 to request the user to approve transfer ofcredit card information from the first storage device 1130 to the secondstorage device 1130. In this respect, step 1350 may be performed beforestep 1320.

After activation, at step 1360, the NFC tag 1100 automatically accessesthe second storage device 1120 and transmits the stored credit cardinformation to the reader device 1102 for retail payment.

At step 1370, after transmission of the credit card information, the NFCtag 1100 powers off after a predetermined period of time. If the secondstorage device 1120 is a volatile memory, the credit card information isremoved after the NFC tag 1100 powers down after the paymenttransaction. If the second storage device 1120 is a non-volatile memory,the smartphone application 1140 may be configured to erase the creditcard information from the second storage device 1120 after the paymenttransaction. In this respect, the credit card information is notavailable on the second storage device 1120 for eavesdropping byunauthorized reader devices.

At step 1380, the smartphone application is closed.

FIG. 11 is another method 1400 for implementing one embodiment of thepresent invention. The method 1400 relates to a retail transaction to becompleted using the NFC capability of a mobile device 1101. Personsskilled in the art will understand that, even though the method 1400 isdescribed in conjunction with the systems of FIGS. 7 and 8, any systemconfigured to perform the steps of the method 1400 illustrated in FIG.11, in any order, is within the scope of the present invention. In oneembodiment, one or more steps of the method 1400 may be optional.Although this embodiment is described using a mobile device, othersuitable NFC enabled devices are within the scope of the presentinvention.

As shown, the process 1400 begins by generating a child product data,such as in accordance with FIG. 3 above. The child product data maycontain debit or credit card information for the retail transaction. Thechild product data is then delivered to the NFC tag 1100. In oneembodiment the child product data is transmitted to NFC tag 100. Inanother embodiment, the child product data is transferred to the NFC tag100 through a cable such as a USB cable.

At step 1420, the child product data is stored in a first storage device1130 not activatable by the reader device 1102. In one embodiment, childproduct data is pre-stored on the first storage device 1130. In anotherembodiment, the child product data is transmitted from a network andstored on the first storage device 1130 just prior to the transaction.The child product data may be pushed to the device 1101 or pulled by thedevice 1101. In yet another embodiment, multiple child product data maybe stored on the device 1101 to conduct one or more transactions. In oneembodiment, the first storage device 1130 may be a non-volatile memory.In another embodiment, storing the child product data may require a userpassword and/or key. Optionally, the child product data may be encryptedwhen stored in the first storage device 1130.

At step 1430, during a retail payment transaction, the user may initiatetransmission of the child product data from the first storage device1130 to the second storage device 1120. For example, the user may turnon a smartphone application 1140 in the mobile device 1101 to begintransmission. In another embodiment, the child product data is obtainedfrom a network after the smartphone application 1140 is turned on. Inone embodiment, the device 1101 may allow the user to select from aplurality of available child products. If encrypted, the child productdata may be decrypted prior to transmission. The child product data istransmitted from the first storage device 1130 to the second storagedevice 1120 just prior to NFC communication with the NFC reader device1102. The child product data is stored in the second storage device 1120for an amount of time sufficient to complete the transaction.

At step 1440, the mobile device 1101 is positioned in close proximity tothe NFC reader device 1102 to allow NFC communication between the readerdevice 1102 and the mobile device 1101.

At step 1450, the NFC tag 1100 may be powered on in response toreceiving the electromagnetic energy emitted by the reader device 1102.In another embodiment, powering on of the NFC tag 1100 may optionallytrigger the device to request the user to approve transfer of a childproduct data from the first storage device 1130 to the second storagedevice 1130. In this respect, steps 1440 and/or 1450 may be performedbefore step 1430.

After activation, at step 1460, the NFC tag 1100 automatically accessesthe second storage device 1120 and transmits the stored child productdata to the reader device 1102 for retail payment.

At step 1470, after transmission of the child product data, the NFC tag1100 powers off after a predetermined period of time. If the childproduct data is configured for single use, the child product data wouldno longer be valid for further transactions. If the second storagedevice 1120 is a volatile memory, the child product data is removedafter the NFC tag 1100 powers down after the payment transaction. If thesecond storage device 1120 is a non-volatile memory, the smartphoneapplication 1140 may optionally be configured to erase the child productdata from the second storage device 1120 after the payment transaction.In this respect, the child product data is not available on the secondstorage device 1120 for eavesdropping by unauthorized reader devices. Inanother embodiment, the child product data may be erased from the firststorage device 1130. If used, the smartphone application is closed aftertransmission.

In another embodiment, a NFC enabled device may use only one storagedevice. FIG. 12 illustrates another exemplary process 1500 of conductinga retail transaction using a financial product such as a credit card,debit card, prepaid card, a child product, or combinations thereof. Thechild product data may contain debit or credit card information for usein the retail transaction and can be mapped to an underlying coreaccount such as a credit card account. At step 1510, the financialproduct is delivered to the NFC tag 1100. For example, a child productcontaining credit card information may be delivered to the NFC tag 1100.In one embodiment the financial product is transmitted to NFC tag 1100using a wireless network. In another embodiment, the financial productis transferred to the NFC tag 1100 through a cable such as a USB cable.In one embodiment, one or more steps of the method 1500 may be optional.

The financial product may be stored in a storage device. In oneembodiment, the financial product is pre-stored on the storage device.In another embodiment, the financial product is transmitted through anetwork and stored on the storage device just prior to the transaction.For example, the user may turn on a logic such as a smartphoneapplication to obtain the financial product. The financial product maybe pushed to the device 1101 or pulled by the device 1101. In yetanother embodiment, multiple financial products may be stored on thedevice 1101 to conduct one or more transactions. In one embodiment, thestorage device may be a non-volatile memory or a volatile memory. Inanother embodiment, storing the financial product may require a userpassword and/or key. Optionally, the financial product may be encryptedwhen stored in the storage device. In another embodiment, the storagedevice is prevented from activation by the reader device 1102.

At step 1520, the mobile device 1101 is positioned in close proximity tothe NFC reader device 1102 to allow NFC communication between the readerdevice 1102 and the mobile device 1101.

At step 1530, the NFC tag 1100 may be powered on in response toreceiving the electromagnetic energy emitted by the reader device 1102.In another embodiment, the user may turn on a smartphone application orother logic prior to communication with the reader device 1102. Afteractivation, the device 1101 may select a financial product for thepayment transaction or optionally allow the user to select from aplurality of available child products. In yet another embodiment,activation of the NFC tag 1100 initiates a request for a financialproduct from a network. For example, if the child product data isconfigured for single use, the NFC tag 1100 may be configured to obtaina new child product each time the NFC tag 1100 is activated.

After activation, at step 1540, the NFC tag 1100 automatically accessesthe storage device and transmits the stored financial product to thereader device 1102 for retail payment. If encrypted, the financialproduct may be decrypted prior to transmission. If a child product isused, the real account information would not be exposed to the payee.

At step 1550, after transmission of the financial product, the NFC tag1100 powers off after a predetermined period of time. If the childproduct data is configured for single use, the child product data wouldno longer be valid for further transactions. In another embodiment, thefinancial product may be re-encrypted and saved. If used, the smartphone application is closed after transmission.

In yet another embodiment, the financial product such as a credit card,debit card, prepaid card, a child product, and combinations thereof maybe stored in a storage device as separate components. The separatecomponents are linked together by a controller to form a valid financialor product data just prior to the transaction.

Although some of the embodiments are described using a mobile device,other suitable NFC enabled devices are within the scope of the presentinvention.

In another embodiment, a device for use with a reader device includes anNFC tag having a first storage device for storing data; a second storagedevice; and a controller coupled to the first storage device and thesecond storage device. In one embodiment, the controller is configuredto transmit data from the first storage device to the second storagedevice; and transmit data from the second storage device to the readerdevice.

In one or more of the embodiments described herein, the NFC tag is one apassive device or an active device.

In one or more of the embodiments described herein, the controller isfurther configured to remove data from the second storage device.

In one or more of the embodiments described herein, the data is storedin an encrypted form.

In one or more of the embodiments described herein, the first storagedevice comprises non-volatile memory, volatile memory, and disk.

In one or more of the embodiments described herein, the controller isfurther configured to power on the NFC tag in response to anelectromagnetic energy from the reader device.

In one or more of the embodiments described herein, the data containsone or more credit card information for a payment transaction.

In another embodiment, a method of transmitting a financial product datafrom a NFC enabled device to a reader device includes receiving thefinancial product data; storing the financial product data in a storagedevice; and transmitting the financial product data from the storagedevice to the reader device.

In one or more of the embodiments described herein, the financialproduct data is received each time the NFC enabled device is activated.

In one or more of the embodiments described herein, the method includesstoring a plurality of financial product data on the storage device.

In one or more of the embodiments described herein, the method includeschoosing one financial product data to be transmitted.

In one or more of the embodiments described herein, the method includesremoving the financial product data from the storage device.

In one or more of the embodiments described herein, the financialproduct data is stored in an encrypted format, and the method furthercomprises de-encrypting the financial product data prior to transmittingto the reader device.

In one or more of the embodiments described herein, the financialproduct data is a single use financial product data.

In one or more of the embodiments described herein, the method includesafter transmitting the financial product data, receiving a secondfinancial data, and storing the second financial data in the storagedevice.

In one or more of the embodiments described herein, the financialproduct data comprises a child product.

In another embodiment, a method of transmitting data from a deviceequipped with a NFC tag to a reader device includes storing data in afirst storage device; transmitting data from first storage device to asecond storage device; activating the NFC tag in response to anelectromagnetic signal from the reader device; and transmitting the datafrom the second storage device to the reader device.

In one or more of the embodiments described herein, the method includesaccessing a smartphone application to initiate transmission of data fromthe first storage device.

In one or more of the embodiments described herein, the data is obtainedvia a network.

In one or more of the embodiments described herein, the data comprisesone or more financial child products.

In one or more of the embodiments described herein, funding for thefinancial child product is provided by one or more core accounts.

In one or more of the embodiments described herein, the method includesremoving the financial child product from the second storage device.

In one or more of the embodiments described herein, the financial childproduct is configured for single use.

In one or more of the embodiments described herein, the method includesobtaining a financial child product via a network for each transmissionto the reader device.

In one or more of the embodiments described herein, wherein a pluralityof financial child product is stored in the first storage device.

In one or more of the embodiments described herein, wherein transmittingthe data from first storage device occurs after activating the NFC tag.

In one or more of the embodiments described herein, wherein the data isautomatically removed from the second storage device when the NFC tag isdeactivated.

In one or more of the embodiments described herein, the method includesremoving the data from the second storage device.

In another embodiment, a computer-implemented method for transmittingdata from a mobile device to a reader device using NFC technologyincludes receiving a signal from the reader device; prompting a user toproduce a response indicating whether to transmit data from a firststorage device to a second storage device; transmitting data from thefirst storage device to the second storage device if the response isaffirmative; and causing the data to be transmitted from the secondstorage device to the reader device.

In one or more of the embodiments described herein, the method includescausing the data on the second storage device to be erased aftertransmission to the reader device.

In another embodiment, a method of performing a payment transactionbetween a payor and a payee, wherein the payor uses a payment deviceequipped with a NFC tag and the payee uses a reader device, includesactivating the NFC tag in response to a signal from the reader device;transmitting the financial product from a first storage device of thepayment device to a second storage device of the payment device; andtransmitting the financial product from the second storage device to thereader device.

In one or more of the embodiments described herein, the information onthe first storage device is prevented from transmission to the readerdevice.

In one or more of the embodiments described herein, the financialproduct is obtained via a network.

In one or more of the embodiments described herein, the method includesremoving the financial product from the second storage device.

In one or more of the embodiments described herein, the method includesstoring the financial product in the first storage device prior totransmission to the second storage device.

In one or more of the embodiments described herein, the financialproduct is stored a plurality of components, and the method furtherincludes linking the plurality of components to form a valid financialproduct before transmission to the second storage device.

While the foregoing is directed to embodiments of the invention, otherand further embodiments of the invention may be devised withoutdeparting from the basic scope thereof, and the scope thereof isdetermined by the claims that follow.

We claim:
 1. A device for use with a reader device, comprising: an NFCtag having: a first storage device for storing data; a second storagedevice; and a controller coupled to the first storage device and thesecond storage device, the controller configured to, transmit data fromthe first storage device to the second storage device; and transmit datafrom the second storage device to the reader device.
 2. The device ofclaim 1, further comprising a smartphone application configured to allowtransmission of data from the first storage device to the second storagedevice.
 3. The device of claim 1, wherein the first storage device isnot accessible by the reader device.
 4. The device of claim 1, whereinthe data contains one or more child products
 5. The device of claim 1,wherein the second storage device comprises volatile memory; andoptionally, wherein the data is stored on the volatile memory until thevolatile memory powers off after each transaction.
 6. The device ofclaim 1, wherein the controller is further configured to authenticatethe user prior to transmitting data from the first storage device to asecond storage device.
 7. The device of claim 1, wherein the devicecomprises a mobile device.
 8. The device of claim 1, further comprisinga transmitter for receiving an electromagnetic energy from the readerdevice.
 9. A method of transmitting a financial product data from a NFCenabled device to a reader device, comprising: receiving the financialproduct data; storing the financial product data in a storage device;and transmitting the financial product data from the storage device tothe reader device.
 10. The method of claim 9, wherein the financialproduct data is received each time the NFC enabled device is activated.11. The method of claim 9, wherein the financial product data is storedin an encrypted format, and the method further comprises de-encryptingthe financial product data prior to transmitting to the reader device.12. The method of claim 9, further comprising after transmitting thefinancial product data, receiving a second financial data, and storingthe second financial data in the storage device.
 13. The method of claim9, wherein the financial product data comprises a child product.
 14. Amethod of transmitting data from a device equipped with a NFC tag to areader device, comprising: storing data in a first storage device;transmitting data from first storage device to a second storage device;activating the NFC tag in response to an electromagnetic signal from thereader device; and transmitting the data from the second storage deviceto the reader device.
 15. The method of claim 14, further comprisingaccessing a smartphone application to initiate transmission of data fromthe first storage device.
 16. The method of claim 14, wherein the datacomprises one or more financial child products.
 17. The method of claim16, wherein the financial child product is configured for single use.18. The method of claim 16, further comprising obtaining a financialchild product via a network for each transmission to the reader device.19. The method of claim 14, wherein transmitting the data from firststorage device occurs after activating the NFC tag.
 20. The method ofclaim 14, wherein the data is automatically removed from the secondstorage device when the NFC tag is deactivated.